Following the destruction brought about by Hurricane Sandy in the US, Citigroup Inc (Citi) has expanded its service relief for mortgage customers in affected areas, The Wall Street Journal reported.
Customers of CitiMortgage located in the hardest-hit areas as designated by the Federal Emergency Management Agency (FEMA) can take up mortgage support. First, late mortgage charges will be waived for 90 days. Second, foreclosure sales will be temporarily suspended as permitted by the individual customer and the law. Lastly, clients will be eligible for payment extension options, such as up to 90 days forbearance of payments (or longer, based on the advice from investors for loans they own).
For customers whose loan applications are still being processed, their homes may need to be re-inspected, but at no added cost to the borrower. This is to ensure that the property has not sustained any damage. Houses without damage will be expedited through the closing process.
Michael Corbat, CEO of Citi, said: “Our Hurricane Sandy relief programs are intended to alleviate some of the financial hardships facing our customers so they can focus on the most pressing issues in front of them. Citi is committed to helping our customers recover and rebuild by being sensitive and accommodating to their needs.”
“Our thoughts are with our colleagues, clients and the communities impacted by this devastating storm,” added Manuel Medina-Mora, CEO (Global Consumer Banking) at Citi.
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